|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
200224-U
|
|
COMPANY NAME
|
:
|
COLMEC ELEKTRIK SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
29/06/1990
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
6-6-2, QUEEN'S AVENUE, PLAZA 393, JALAN
SHELLEY, 6TH FLOOR, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
41, JALAN GANDEK, OFF JALAN SAN PENG,
55200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-92220844
|
|
FAX.NO.
|
:
|
03-92220897
|
|
CONTACT PERSON
|
:
|
TAN SU WAK ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
46522
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF ELECTRICAL AND ELECTRONIC
COMPONENTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARES 170,000 CASH AND 830,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 4,522,152 [2011]
|
|
NET WORTH
|
:
|
MYR 1,643,892 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
HISTORY
/ BACKGROUND
The SC is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The SC is principally engaged in the (as a
/ as an) trading of electrical and electronic components.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. LIM SWEE PAIK
|
14, JALAN DURIAN LIMA, TAMAN CHERAS, BATU
5, JALAN CHERAS, 56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
411221-71-5285
|
360,000.00
|
36.00
|
|
MS. TAN SU WAK @ TAN SWEE HUA +
|
14, JALAN DURIAN LIMA, TAMAN CHERAS,
56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
430510-01-5502
|
280,000.00
|
28.00
|
|
MR. LIM PEI CHUON +
|
14 JALAN DURIAN LIMA, TAMAN CHERAS, 56100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
740604-14-5539
|
180,000.00
|
18.00
|
|
MS. LIM PEI CHYI
|
14, JALAN DURIAN 5, TAMAN CHERAS, 56100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
770222-14-5426
|
90,000.00
|
9.00
|
|
MS. LIM PEI HOUNG
|
N-B-15, JALAN PANDAN INDAH 25, PANDAN
INDAH, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
720718-14-5440
|
90,000.00
|
9.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
1,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. LIM PEI CHUON
|
|
Address
|
:
|
14 JALAN DURIAN LIMA, TAMAN CHERAS, 56100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
740604-14-5539
|
|
Date of Birth
|
:
|
04/06/1974
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
30/05/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. TAN SU WAK @ TAN SWEE HUA
|
|
Address
|
:
|
14, JALAN DURIAN LIMA, TAMAN CHERAS,
56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
430510-01-5502
|
|
Date of Birth
|
:
|
10/05/1943
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
29/06/1990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
TAN SU WAK
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
LISA WONG
|
|
|
Position
|
:
|
ACCOUNT MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
YEO & CO
|
|
Auditor' Address
|
:
|
17 & 19 JALAN BRUNEI BARAT, PUDU,
55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. CHOW WAI HARN
|
|
|
|
|
|
|
|
New IC No
|
:
|
690511-10-5906
|
|
|
Address
|
:
|
10, JALAN SERI TAMING 3A, TAMAN SERI
TAMING, 56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
PUBLIC BANK BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with
above mentioned banker(s). No adverse record was found during our
investigation.
|
ENCUMBRANCE
(S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
31/03/2011
|
|
Description Of Charge
|
:
|
FACILITIES AGREMENT AND A REGISTERED OPEN
MONIES FIRST PARTY CHARGE
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
GERAN 231337, LOT36736, MUKIM CHERAS,
DEARAH ULU LANGAT, STATE OF SELANGOR
|
|
Name & Address Of Chargee
|
:
|
|
PUBLIC BANK BHD
|
|
JALAN SUNGAI BESI BRANCH, 12 JALAN
SUNGAI BESI, 57100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 06/04/2011
|
|
Registered and Numbered 1 In The Register
of Charges
|
LEGAL
CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The SC refused to disclose its suppliers.
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
ELECTRICAL AND ELECTRONIC COMPONENTS
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
THE ELECTRICAL AND ELECTRONICS
ASSOCIATION OF MALAYSIA (TEEAM)
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2010
|
2009
|
2008
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
10
|
5
|
10
|
5
|
10
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of electrical and
electronic components.
The SC sells electrical and electronic equipments and hardwares.
The SC however refused to disclose further information on its operation.
PROJECTS
No projects found in our databank
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-92220844
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
41, JALAN GANDEK, OFF JALAN SAN PENG,55200,KUALA
LUMPUR,WILAYAH PERSEKUTUAN.
|
|
Current Address
|
:
|
41, JALAN GANDEK, OFF JALAN SAN PENG,
55200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2007 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
4.28%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
7.12%
|
]
|
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The SC's
profit fell sharply because of the high operating costs incurred. The
unfavourable return on shareholders' funds could indicate that the SC was
inefficient in utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
39 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
139 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
70 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks.
The SC's debtors ratio was high. The SC should tighten its credit control
and improve its collection period. The unfavourable creditors' ratio could
be due to the SC taking advantage of the credit granted by its suppliers.
However this may affect the goodwill between the SC and its suppliers and
the SC may inadvertently have to pay more for its future supplies.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
2.10 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.66 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be
maintained by the SC in order to assure its creditors of its ability to
meet short term obligations and the SC was in a good liquidity position.
Thus, we believe the SC is able to meet all its short term obligations as
and when they fall due.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Acceptable
|
[
|
3.22 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.08 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was slightly low.
If there is no sharp fall in its profit or sudden increase in the interest
rates, we believe the SC is able to generate sufficient income to service
its interest and repay the loans. The SC was lowly geared thus it had a low
financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the
SC being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The SC recorded lower profits as its
turnover showed a erratic trend. The SC's management was unable to control
its costs efficiently as its profit showed a downward trend. The SC was in
good liquidity position with its total current liabilities well covered by
its total current assets. With its current net assets, the SC should be
able to repay its short term obligations. The SC had an acceptable interest
cover. If there is no sudden sharp increase in interest rate or fall in the
SC's profit, we do believe the SC is able to generate sufficient cash flow
to service its interest payment. The SC as a lowly geared company, will be
more secured compared to those highly geared companies. It has the ability
to meet all its long term obligations.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC :
FAIR
|
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.73
|
28.13
|
28.35
|
28.70
|
29.10
|
|
Gross Domestic Products ( % )
|
4.6
|
<0.5>
|
7.2
|
5.5
|
5.3
|
|
Domestic Demand ( % )
|
6.9
|
2.9
|
6.3
|
4.8
|
7.6
|
|
Private Expenditure ( % )
|
7.1
|
<2.7>
|
8.1
|
7.0
|
8.7
|
|
Consumption ( % )
|
8.4
|
0.7
|
6.7
|
6.3
|
7.1
|
|
Investment ( % )
|
1.5
|
<17.2>
|
17.7
|
16.2
|
15.9
|
|
Public Expenditure ( % )
|
6.5
|
5.2
|
3.8
|
7.6
|
4.7
|
|
Consumption ( % )
|
11.6
|
3.1
|
0.2
|
8.9
|
3.0
|
|
Investment ( % )
|
0.7
|
8.0
|
2.8
|
0.6
|
7.0
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
129,563
|
89,650
|
118,356
|
116,058
|
-
|
|
Government Finance ( MYR Million )
|
<34,462>
|
<28,450>
|
<40,482>
|
<45,511>
|
<43,021>
|
|
Government Finance to GDP / Fiscal
Deficit ( % )
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.7>
|
|
Inflation ( % Change in Composite CPI)
|
<3.3>
|
<5.2>
|
5.1
|
3.1
|
-
|
|
Unemployment Rate
|
3.7
|
4.5
|
3.9
|
3.3
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion
)
|
388
|
331
|
329
|
415
|
-
|
|
Average Risk-Weighted Capital Adequacy
Ratio ( % )
|
1.91
|
2.87
|
2.20
|
3.50
|
-
|
|
Average 3 Months of Non-performing Loans
( % )
|
13.24
|
11.08
|
15.30
|
14.80
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
5.53
|
6.30
|
6.60
|
-
|
|
Business Loans Disbursed( % )
|
11.6
|
10.5
|
14.7
|
15.3
|
-
|
|
Foreign Investment ( MYR Million )
|
23,261.4
|
22,156.8
|
22,517.9
|
23,546.1
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,599
|
41,578
|
44,148
|
-
|
-
|
|
Registration of New Companies ( % )
|
<4.0>
|
<0.1>
|
6.2
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
27,992
|
39,075
|
25,585
|
-
|
-
|
|
Liquidation of Companies ( % )
|
23.7
|
39.6
|
<34.5>
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
269,866
|
312,581
|
271,414
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
18,885
|
19,345
|
19,738
|
-
|
-
|
|
Business Dissolved ( % )
|
<7.6>
|
2.4
|
2.0
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
497.5
|
486.3
|
543.6
|
363.0
|
-
|
|
Cellular Phone Subscribers ( Million )
|
25.1
|
30.1
|
32.8
|
35.3
|
-
|
|
Tourist Arrival ( Million Persons )
|
21.5
|
23.6
|
24.6
|
25.3
|
-
|
|
Hotel Occupancy Rate ( % )
|
68.0
|
58.0
|
63.0
|
51.3
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
17.1
|
12.8
|
14.1
|
15.6
|
-
|
|
Bad Cheque Offenders (No.)
|
34,834
|
36,667
|
33,568
|
27,208
|
-
|
|
Individual Bankruptcy ( No.)
|
13,907
|
16,228
|
18,119
|
16,155
|
-
|
|
Individual Bankruptcy ( % )
|
5.1
|
16.7
|
11.7
|
<10.8>
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.6
|
0.4
|
2.1
|
4.7
|
4.1
|
|
Palm Oil
|
7.0
|
<1.1>
|
<3.4>
|
7.3
|
-
|
|
Rubber
|
<1.1>
|
<19.8>
|
9.9
|
6.4
|
-
|
|
Forestry & Logging
|
<1.5>
|
<5.9>
|
<3.3>
|
<4.7>
|
-
|
|
Fishing
|
4.0
|
5.5
|
5.6
|
2.8
|
-
|
|
Other Agriculture
|
5.9
|
9.0
|
7.9
|
8.5
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
393.0
|
413.7
|
508.4
|
634.1
|
-
|
|
% of Industry Non-Performing Loans
|
<2.0>
|
1.3
|
2.1
|
3.2
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<0.8>
|
<3.8>
|
0.2
|
<2.4>
|
2.5
|
|
Oil & Gas
|
12.7
|
2.1
|
0.5
|
<1.7>
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR
Million )
|
36.0
|
44.2
|
49.7
|
46.5
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
1.3
|
<9.4>
|
11.4
|
5.6
|
4.5
|
|
Exported-oriented Industries
|
2.7
|
<19.0>
|
12.1
|
2.8
|
-
|
|
Electrical & Electronics
|
2.4
|
<30.3>
|
28.4
|
<4.9>
|
-
|
|
Rubber Products
|
4.2
|
<10.1>
|
25.3
|
15.4
|
-
|
|
Wood Products
|
<6.0>
|
<24.1>
|
20.1
|
<7.3>
|
-
|
|
Textiles & Apparel
|
1.9
|
<19.5>
|
<0.4>
|
14.8
|
-
|
|
Domestic-oriented Industries
|
9.9
|
<9.8>
|
16.3
|
6.3
|
-
|
|
Food, Beverages & Tobacco
|
9.5
|
0.2
|
3.0
|
4.2
|
-
|
|
Chemical & Chemical Products
|
1.4
|
<7.7>
|
16.2
|
5.6
|
-
|
|
Plastic Products
|
6.5
|
<9.1>
|
2.4
|
3.8
|
-
|
|
Iron & Steel
|
16.8
|
<32.7>
|
29.3
|
2.4
|
-
|
|
Fabricated Metal Products
|
14.7
|
<2.5>
|
14.9
|
25.2
|
-
|
|
Non-metallic Mineral
|
8.3
|
<15.5>
|
20.2
|
16.3
|
-
|
|
Transport Equipment
|
27.1
|
<13.5>
|
36.5
|
<9.4>
|
-
|
|
Paper & Paper Products
|
8.6
|
<5.0>
|
18.7
|
15.6
|
-
|
|
Crude Oil Refineries
|
7.8
|
0.2
|
<11.4>
|
9.3
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
5,729.4
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
|
% of Industry Non-Performing Loans
|
16.8
|
18.3
|
23.8
|
25.7
|
-
|
|
|
|
|
|
|
|
|
Construction
|
2.1
|
5.8
|
5.1
|
4.4
|
7.0
|
|
Industry Non-Performing Loans ( MYR
Million )
|
4,149.8
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
|
% of Industry Non-Performing Loans
|
12.2
|
9.9
|
10.7
|
10.2
|
-
|
|
|
|
|
|
|
|
|
Services
|
7.3
|
2.6
|
6.5
|
6.4
|
6.5
|
|
Electric, Gas & Water
|
5.0
|
0.4
|
8.5
|
5.6
|
4.8
|
|
Transport, Storage & Communication
|
7.8
|
1.6
|
7.7
|
6.5
|
7.3
|
|
Wholesale, Retail, Hotel & Restaurant
|
10.0
|
2.8
|
4.7
|
5.2
|
6.9
|
|
Finance, Insurance & Real Estate
|
9.2
|
3.8
|
6.1
|
6.3
|
6.5
|
|
Government Services
|
8.6
|
2.0
|
6.7
|
7.6
|
5.6
|
|
Other Services
|
5.9
|
4.4
|
4.2
|
5.4
|
5.7
|
|
Industry Non-Performing Loans ( MYR Million
)
|
8,281.4
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
|
% of Industry Non-Performing Loans
|
24.3
|
20.2
|
25.7
|
23.4
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY
ANALYSIS
|
MSIC CODE
|
|
46522 : Wholesale of electronic
components and wiring accessories
|
|
|
|
|
INDUSTRY :
|
ELECTRICAL & ELECTRONIC
|
|
|
|
|
|
|
The E&E industry is an important contributor to the national economy,
accounting for RM37 billion or 6% of the Gross National Income (GNI) and
RM250 billion or 40% of total exports, and provides about 522,000 skilled
and semi-skilled jobs. The Malaysian economy is likely to pick up momentum
in the latter part of 2012 as improving external conditions boost demand
for the electrical and electronic products. There are 1,900 active
companies in the electrical and electronics (E&E) which offering
products with unique market characteristics.
|
|
The economy expected to grow at an average moderate pace of 4.41% in 2012
with contribution of E&E sector. Base effects on electrical and
electronics (E&E) sector shows a near-term slowdown but more favourable
base effects, will increase electrical and electronics (E&E) exports
and fiscal will lift at the second half 2012.
|
|
Consumer electronic product sales are predicted to rise from
US$11.47billion in 2012 to US$14.44billion in 2016, an increase of 25.8%,
boosted by demand from the tech-literate urban middle class and by a
growing interest in electronic products from under-penetrated areas outside
the Klang Valley.
|
|
Integrated circuits and LED chip manufacturing also expecting a good demand
at the second half 2012.On the industrial electronic products sector the
second quarter expected to improve over the first half 2012, which fell
compared with the first half 2011.
|
|
According to Statistics Department, exports jumped 14.5% year-on-year in
February 2012 to RM56.9billion largely due to demand for electrical and
electronic products, which rose 7.8% to RM18.6billon. More than half of
Malaysia exports to the US are electrical and electronic (E&E) goods
which is semiconductor devices, ICs, transistors and valves. E&E
contributes 34.1% of the manufactured goods, which contribute 67.7 %of the
total Malaysian exports compared to "price sensitive"
commodities, which contribute 28.6%. The electrical and electronic exports
expected to pick up in the second half 2012.
|
|
Softening of world demand for solar panels impact Malaysia on it's downturn
in small scale compared to China where it facing great impact. The decline
in E&E products was also due to the weak global demand.
|
|
E&E has been instrumental in the development of the Northern Corridor
Klang Valley, Johor and Sarawak, contributing significantly to the socio-economic
development of the relevant communities.However, the E&E sector faces
significant challenges in maintaining growth with intense competition from
China, Taiwan, Singapore and other Asian countries. Over the last 10 years,
E&E's share of Malaysian exports has gradually declined.
|
|
Malaysia's E&E sector remains focused on assembly, the lower
value-added part of the industry while Taiwan, South Korea and Singapore
have captured the higher value-added activities in research and
development, design and manufacturing.
|
|
To propel the E&E industry to a higher level, under the Economic
Transformation Programme (ETP) launched by the Government, a few
sub-sectors namely integrated circuits, solar photovoltaics, light emitting
diodes, and solid state lighting & integrated electronics have been
identified for greater promotion based on their potential to contribute
significantly towards Gross National Income (GNI) targets 2020.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal
Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1990, the SC is a Private Limited company, focusing on
trading of electrical and electronic components. The SC has been in
business for over two decades. It has built up a strong clientele base and
satisfactory reputation will enable the SC to further enhance its business
in the near term. The SC is expected to enjoy a stable market shares. The
SC is considered as a small entity with paid up capital stand at MYR
500,000.
|
|
Over the years, the SC should have build up its clientele base and received
supports from its regular customers. Investigation revealed that the SC's
interest lies mostly in the local market. Thus, any adverse changes to the
local economy might have a negative impact on the SC's business
performance. Being a small company, the SC's business operation is
supported by 10 employees. Overall, we regard that the SC's management
capability is average. This indicates that the SC has greater potential to
improve its business performance and raising income for the SC.
|
|
The SC's business performance showed a reverse trend as both its turnover
and pre-tax profit have decreased compared to the previous year. The SC has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. The
SC is in good liquidity position with its current liabilities well covered
by it current assets. Hence, it has sufficient working capital to meet its
short term financial obligations. Being a lowly geared company, the SC is
exposed to low financial risk as it is mainly dependent on its internal
funds to finance its business needs. Given a positive net worth standing at
MYR 1,643,892, the SC should be able to maintain its business in the near
terms.
|
|
Having a strong assets backing, the SC possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises.
|
|
The SC's payment habit is average. With its adequate working capital, the
SC should be able to pay its short term debts.
|
|
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
|
|
Based on the above condition, we recommend credit be granted to the SC
normally.
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
COLMEC ELEKTRIK SDN. BHD.
|
|
Financial Year End
|
30/06/2011
|
30/06/2010
|
30/06/2009
|
30/06/2008
|
30/06/2007
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean
Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
SUMMARY
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
4,522,152
|
4,647,265
|
4,090,511
|
4,792,573
|
4,090,997
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
4,522,152
|
4,647,265
|
4,090,511
|
4,792,573
|
4,090,997
|
|
Costs of Goods Sold
|
<4,166,733>
|
<4,220,752>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
355,419
|
426,513
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
85,984
|
182,564
|
72,351
|
119,030
|
55,009
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
85,984
|
182,564
|
72,351
|
119,030
|
55,009
|
|
Taxation
|
<15,549>
|
<38,012>
|
<16,845>
|
<21,124>
|
<16,532>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
70,435
|
144,552
|
55,506
|
97,906
|
38,477
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
1,115,582
|
1,325,780
|
1,295,024
|
1,221,538
|
1,206,821
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
1,115,582
|
1,325,780
|
1,295,024
|
1,221,538
|
1,206,821
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,186,017
|
1,470,332
|
1,350,530
|
1,319,444
|
1,245,298
|
|
CAPITALISATION FOR BONUS ISSUES
|
-
|
<330,000>
|
-
|
-
|
-
|
|
DIVIDENDS - Ordinary (paid &
proposed)
|
<37,125>
|
<24,750>
|
<24,750>
|
<24,420>
|
<23,760>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
1,148,892
|
1,115,582
|
1,325,780
|
1,295,024
|
1,221,538
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Hire purchase
|
3,471
|
2,560
|
-
|
2,427
|
1,701
|
|
Term loan / Borrowing
|
1,528
|
-
|
-
|
-
|
-
|
|
Others
|
33,763
|
32,133
|
-
|
8,456
|
5,446
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
38,762
|
34,693
|
-
|
10,883
|
7,147
|
BALANCE
SHEET
|
COLMEC ELEKTRIK SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
312,807
|
115,089
|
57,838
|
77,479
|
94,920
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Investments
|
4,800
|
4,800
|
-
|
4,800
|
4,800
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
4,800
|
4,800
|
4,800
|
4,800
|
4,800
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
317,607
|
119,889
|
62,638
|
82,279
|
99,720
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
480,904
|
301,431
|
-
|
415,532
|
398,682
|
|
Trade debtors
|
1,718,345
|
1,790,496
|
-
|
1,836,703
|
1,826,978
|
|
Other debtors, deposits & prepayments
|
4,800
|
4,800
|
-
|
4,800
|
13,619
|
|
Amount due from director
|
-
|
-
|
-
|
2,369
|
-
|
|
Cash & bank balances
|
97,495
|
315,366
|
-
|
341,719
|
57,378
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
2,301,544
|
2,412,093
|
2,285,990
|
2,601,123
|
2,296,657
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
2,619,151
|
2,531,982
|
2,348,628
|
2,683,402
|
2,396,377
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
793,822
|
812,997
|
-
|
1,158,348
|
933,187
|
|
Other creditors & accruals
|
10,936
|
18,159
|
-
|
15,741
|
16,244
|
|
Hire purchase & lease creditors
|
14,858
|
20,235
|
-
|
19,159
|
22,509
|
|
Short term borrowings/Term loans
|
14,583
|
-
|
-
|
-
|
-
|
|
Provision for taxation
|
32,120
|
28,484
|
-
|
11,390
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
866,319
|
879,875
|
851,612
|
1,204,638
|
971,940
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
1,435,225
|
1,532,218
|
1,434,378
|
1,396,485
|
1,324,717
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
1,752,832
|
1,652,107
|
1,497,016
|
1,478,764
|
1,424,437
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
495,000
|
495,000
|
165,000
|
165,000
|
165,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
495,000
|
495,000
|
165,000
|
165,000
|
165,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
1,148,892
|
1,115,582
|
1,325,780
|
1,295,024
|
1,221,538
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
1,148,892
|
1,115,582
|
1,325,780
|
1,295,024
|
1,221,538
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
1,643,892
|
1,610,582
|
1,490,780
|
1,460,024
|
1,386,538
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Long term loans
|
82,272
|
-
|
-
|
-
|
-
|
|
Hire purchase creditors
|
26,668
|
41,525
|
-
|
18,740
|
37,899
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
108,940
|
41,525
|
6,236
|
18,740
|
37,899
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
1,752,832
|
1,652,107
|
1,497,016
|
1,478,764
|
1,424,437
|
|
|
============
|
============
|
============
|
============
|
============
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
COLMEC ELEKTRIK SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
97,495
|
315,366
|
-
|
341,719
|
57,378
|
|
Net Liquid Funds
|
97,495
|
315,366
|
-
|
341,719
|
57,378
|
|
Net Liquid Assets
|
954,321
|
1,230,787
|
1,434,378
|
980,953
|
926,035
|
|
Net Current Assets/(Liabilities)
|
1,435,225
|
1,532,218
|
1,434,378
|
1,396,485
|
1,324,717
|
|
Net Tangible Assets
|
1,752,832
|
1,652,107
|
1,497,016
|
1,478,764
|
1,424,437
|
|
Net Monetary Assets
|
845,381
|
1,189,262
|
1,428,142
|
962,213
|
888,136
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
138,381
|
61,760
|
-
|
37,899
|
60,408
|
|
Total Liabilities
|
975,259
|
921,400
|
857,848
|
1,223,378
|
1,009,839
|
|
Total Assets
|
2,619,151
|
2,531,982
|
2,348,628
|
2,683,402
|
2,396,377
|
|
Net Assets
|
1,752,832
|
1,652,107
|
1,497,016
|
1,478,764
|
1,424,437
|
|
Net Assets Backing
|
1,643,892
|
1,610,582
|
1,490,780
|
1,460,024
|
1,386,538
|
|
Shareholders' Funds
|
1,643,892
|
1,610,582
|
1,490,780
|
1,460,024
|
1,386,538
|
|
Total Share Capital
|
495,000
|
495,000
|
165,000
|
165,000
|
165,000
|
|
Total Reserves
|
1,148,892
|
1,115,582
|
1,325,780
|
1,295,024
|
1,221,538
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.11
|
0.36
|
-
|
0.28
|
0.06
|
|
Liquid Ratio
|
2.10
|
2.40
|
-
|
1.81
|
1.95
|
|
Current Ratio
|
2.66
|
2.74
|
2.68
|
2.16
|
2.36
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
39
|
24
|
-
|
32
|
36
|
|
Debtors Ratio
|
139
|
141
|
-
|
140
|
163
|
|
Creditors Ratio
|
70
|
70
|
-
|
88
|
83
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.08
|
0.04
|
-
|
0.03
|
0.04
|
|
Liabilities Ratio
|
0.59
|
0.57
|
0.58
|
0.84
|
0.73
|
|
Times Interest Earned Ratio
|
3.22
|
6.26
|
-
|
11.94
|
8.70
|
|
Assets Backing Ratio
|
3.54
|
3.34
|
9.07
|
8.96
|
8.63
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
1.90
|
3.93
|
1.77
|
2.48
|
1.34
|
|
Net Profit Margin
|
1.56
|
3.11
|
1.36
|
2.04
|
0.94
|
|
Return On Net Assets
|
7.12
|
13.15
|
4.83
|
8.79
|
4.36
|
|
Return On Capital Employed
|
7.06
|
12.99
|
4.83
|
8.67
|
4.30
|
|
Return On Shareholders' Funds/Equity
|
4.28
|
8.98
|
3.72
|
6.71
|
2.78
|
|
Dividend Pay Out Ratio (Times)
|
0.53
|
0.17
|
0.45
|
0.25
|
0.62
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
-
|
0
|
0
|
|